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to call this, is it a tax, is it a fee? but it is a money raising device. chief washington correspondent john harwood is live at the white house to explain exactly what the money raising device is. john? >> well, erin, the president while trying to deal with this unfolding crisis in haiti, trying to negotiate an end to the health care reform, talks between the house and senate is making time late this morning to announce this bank crisis responsibility fee which is how the administration is calling it. now, here are the details. it's a tax of 15 basis points on selected liabilities of these banks. it would hit about 50 institutions, 35 of them domestic based institutions within the united states and it would raise about $90 billion, which is the amount of money that the administration believes t.a.r.p. will ultimately cost the american taxpayer once they've gotten all the repayments back that they're going to get. now, the banks don't like it. they've been criticizing the proposal and complaining about it but the head of the congressional oversight panel was on "squawk box" this morning
of a moderation in debate on what's going on in washington. more than a few bankers are hoping moving in the right direction. >> democrat wins, bad news or no news it's it's status quo. >> i think it's status quo. health care will will go through as expected. and the banking industry, whatever that is going to do. >> thank you. back up to erin. >> thank you very much, mark. and final countdown is just on the other side of this break. we'll have some trades. we'll be right back. ♪ [ male announcer ] introducing the all-new lexus gx. ♪ it has the agility to avoid the unexpected... ♪ ...the power to take on any mission, and the space to accommodate precious cargo, because every great action hero needs a vehicle. ♪ because every great action hero needs a vehicle. bull market or bear, traders are always hungry for ideas. trading is all about strategy. and strategy... is all about information. heat mapping shows me where the money's moving. twenty five hundred stocks... one quick look. that's where the action is. plus, this amazing gadget... it's called the telephone. i can call td ameritrade an
for a lot of things like taxes. john harwood is our chief washington correspondent. john, this was amazing just to watch it last night. >> an absolutely stunning result, erin, to have the republican win in massachusetts. the one thing that scott brown made clear was that this seat in massachusetts does not belong to what ted kennedy represented. listen to scott brown last night. >> most of all, i will remember that while the honor is mine this senate seat belongs to no one person, no one political party, and as i said before, and you've heard it today and you'll hear it loud and clear, this is the people's seat. >> now, what has triggered, erin, is a gut check for democrats who have got to decide, do they scale back president obama's agenda or do they keep going forward in the belief that their priorities, the ones that barack obama ran on, the ones that the democrats ran on, are what they need to deliver to voters and gives them the best chance of surviving the 2010 mid terms. nobody knows the answer to that and nobody knows how great this panic is going to be within the democratic caucus
the benefits. phil lebeau has that story. but we start with washington and a critical hearing. what did he say? >> no. we're going to phil instead. >> hey, the script says start with washington. i should have known. they meant start with phil. good morning, phil. >> good morning, mark and erin. huge story for toyota largely because the company has not come up with a way to solve the problem of sticking accelerator pedestrian al pedals. until it does it will halt steals for eight models, involved in a recall a week and a half ago. 2.3 million vehicles. '09 and 2010 rav 4, corolla, matrix, avalon, certain models of camrys, current highlanders as well as 2007-2010 tundras and also the sequoia on the list. toyota is halting production starting next monday at five plants in north america. the idling production accounts for about 57% of toyota's new car sales. the company is not giving a timeline for how long the production and sales suspension will last. the company says in a written statement that this action is necessary until a remedy is finalized. we're making every effort to address the situat
with senior economics reporter steve liesman, who is live in washington. stevie? >> reporter: yeah, mark, thanks. this number was much better than expected by the economists and in fact the composition of the number creates a little more optimism about the strength of the recovery and gives people more security that the recession is over. let's look at the top line number. 5.7% economists were looking for. call it 4.7, 4.8. it's way better than q3 at 2.2%. look at the chart. you can see that we've had two straight quarters of growth right now and it's been a while since we've had that after several straight quarters. that's the consumer spending chart. very nice. that's not exactly what we wanted there but we'll work on that. let's look at the details more specifically. consumer spending was one of the things that surprised. some economists were looking to 1% to 1.5% and instead we got 2%. a big part of this was the inventory contribution 3.4%. so that left only what, about 2 percentage points for everything else. another big surprise, equipment and software. cap x was better than expect
on the doll. up next "trader's take." >>> and gridlock in washington. mark, have you noticed it takes 60 votes to get anything done in congress? >> i noticed that. not sure how that happened. >> apparently so. we'll be back. tdd# 1-800-345-2550 investors got lost in the shuffle. tdd# 1-800-345-2550 investment firms forgot whose money it is. tdd# 1-800-345-2550 enough is enough. tdd# 1-800-345-2550 it's time investors got what they deserve. tdd# 1-800-345-2550 real help that's there when you need it. tdd# 1-800-345-2550 pricing that leaves you with something to actually invest. tdd# 1-800-345-2550 at schwab, we offer a lot more help for a lot less money. tdd# 1-800-345-2550 because at schwab... tdd# 1-800-345-2550 investors rule. tdd# 1-800-345-2550 are you ready to rule? >>> all right. we are back, we are live on the floor of the new york stock exchange. joining me now, alan valdez, famed cnbc commentator with cabrick trading. good morning, mark. >> good morning, alan. >> we are down 4.5. is this a correction? are we going to go 10% down? >> you're right. we're below the 50-day moving average
's the bernanke bounce. people are hoping that the people in washington are going to start to look for solutions instead of scapegoats and then maybe we can get somewhere. i don't know if it'll stay through the whole day. one other factor, for the past two months the first day of trading each week has had a mild upward bias. i think 8 of 10 times. so we'll keep our fingers crossed. >> the new bear market? >> it has that possibility. again, if the folks in washington keep talking the way they're talking, they may wind up accidently inhibiting liquidity. >> so this is about regulatory risk far more than earnings or china. >> oh, yes. >> or unemployment as far as you're concerned. >> china is a factor and the tone of the conversation turning very much populist antibank rather than talk about jobs, beginning to get the economy going. i think a lot of people misread what was happening in massachusetts. they're over reacting to it. >> briefly, where should people be in the market? >> i think they should be on the defensive. i think we're going to go through a critical two weeks here. we'll see if the
partner, and in washington kelly campbell founder and principal of campbell wealth management. kelly, i will give you the honor, you're away. what should we look for in 2010? >> i think we'll see great things in 2010 but i will say we still have to be cautious. i think a lot of people are looking for the market to do well. but think about this. if it does too well, it could fall back a little bit. i mean, it starts to do well the government is going to start coming in and changing rates again and that could be bad for us. there is nothing going on in the stimulus package that says what's going to happen in the future with tax rates, what's going to happen with businesses and how are they going to prosper? i think there are a lot of questions involved in that. i think a lot of people will be cautious at the end of the year but i think we'll still end up in a very positive point. >> jason. >> i think there is a good chance the market is a lot higher at the middle of the year than the end of the year. i have a good feeling there is going to be, all of the things that were in place that pro
of responsibility for the largest howl out there, washington is saying we have to do this by the very same people who voted in favor of the t.a.r.p. bailout without any restrictions, without any oversight, with any controls whatsoever. now after the fact they're saying, hey. how come wall street is doing so well and how come they're doing these bonuses? maybe they should have thought a little bit longer on passing the t.a.r.p. before they did it. but now here we are. >> we can't change what happened in the past but if we over measured and gave them too much and if our plan was just too good for wall street, and not good enough for main street, now is the time to make that adjustment. that's what we're going to do. >> now is not the time. the first problem is constitutional. how you can target just one segment? the second portion is economic. so much of wall street right now is waiting for washington to get out of the way and stop changing the rules of the game. why do they keep doing it? >> wall street and the business community never have a time when they should pay back what they owe the americ
forecast. and there are seven 52-week highs on the s&p. happening now in washington, the fdic board is meeting deciding whether to charge higher deposit premiums to banks whose compensation practices are considered risky. this could be the first step to reshape the way bankers are paid. we are monitoring the meeting. we'll bring you a full report in about 20 minutes. erin? >> mark, just looking up at the market here. we're down about 14. we opened down what, 60. there was all of this negative news. everybody worried about china and alcoa. the market's holding in there. how come, you think? >> i look at alcoa almost as a matter of what was in the economy rather than what is. >> than the forecast. >> exactly. prices were under pressure in the aluminum business. there was total demand destruction. but we have seen prices start to come back. demand is obviously picking up. certainly we were building fewer cars and we're building fewer planes but those businesses are starting to pick up as well. so, yes, the market reacted negatively. it's only down 14 points right now. nonetheless, mate
, regulation on wall street, and whether the big banks are going to have to split up. chief washington correspondent john harwood has gotten to the bottom of those issues. let's start with this. who is going to take over for dodd as the top player on the banking committee and, well, he's going to be in that position until mid-term elections so do we really even care at this point in terms of who that person will be when it comes to the reform package? >> well, first of all, erin, withering is a good adjective for this particular situation. democrats are facing a very tough landscape in 2010 and that's reflected in both of these retirement announcements. both byron dorgan and chris dodd were facing potentially difficult, maybe impossible races for re-election depending on who ran against them. chris dodd is going to remain as chairman of the banking committee through the end of the year and i think they -- financial regulation was always going to happen. i think this may marginally increase the certainty that that will happen. in part because when somebody is in a tough race for re-elec
raging in washington and throughout the country about compensation of bankers and the like. now, we do not know exactly what the numbers are going to be. certainly we don't know i should say what the ratio is going to be in terms of stock versus cash for people at goldman. we do know the top 30 are taking only stock. we also know that a lot of the banks, b of a, was 25% cash. and then different vesting periods on stock. i'm hearing jp morgan 35% stock. morgan stanley around the same. we'll see what the ratio is for goldman. but that was why the company's earnings number was so far above what people had anticipated. as for performance of the businesses, not bad. not as good as third quarter '09 when it comes to their by far largest single component, if you will. we call it trading in principle investments. there you see it down 36%. fixed income, currency and commodities also down. a part of trading principle investments and there is equities trading as well. all of those revenues down substantially from the third quarter. of course up substantially from what was a terrible quarter a ye
piling up right now for the white house. cnbc's chief washington correspondent john harwood opens up the harwood file. john, people want jobs. but people don't want the country to borrow anymore money. how the heck does he figure this out and stay politically popular? >> you're not kidding about getting caught between a rock and a hard place. these numbers came out today, 85,000 jobs lost, not good at all for democrats in washington. there is a real sense of crisis now about this issue, in particular because what do you do about it? anything you do requires you to try to spend money. when i talked yesterday to steny hoyer the house majority leader he left absolutely no doubt about what their priorities are. >> our focus in the coming year in 2010 is going to be jobs and fiscal responsibility. you have to invest to create jobs but at the same time over the long term you've got to be looking at returning us to fiscal balance. where we were in the clinton administration but which we went off track on during the bush administration. we need to get back ontrack to balance our budget, inve
morning. on september 25th we acquired the deposits, assets, and certain liabilities of a washington mutual from the fdic. later we learned we were the only bank prepared to act immediately following the largest bank failure in u.s. history. in addition we continued to lend and support our clients' financing and liquidity needs throughout the crisis. over the last year we've provided more than 800 billion in direct lending and capital raising for investor and corporate clients. for example we helped provide state and local governments' financing to cover cash flow shortfalls. we are the only institution that agreed to lend california $1.5 billion in its time of need. we've maintained our lending levels to small business. in november of last year we announced plans to increase lending to small businesses to a total of $10 billion this year. for the millions of americans feeling the effects of the crisis we are doing everything we can to help them meet their mortgage obligations. in 2009 we offered approximately 600,000 new trial loan modifications to struggling homeowners through our
. >> the business community this morning is reacting to obama. in washington, john is with us, good morning. broad brush, whatty think of the speech? >> it's important we focus on the they're our top priorities, so we're very pleased they focused on the economy. he mentioned free trade agreements, but if we're going to drive exports, goods and services, we have to get out there and reengage in the world and open markets for our products and services. >> many people feel it's cost us jobs, not create. >> quite the contrary. there are 31 million jobs in america that depend on companies being able to participate outside the united states. 75% of the purchases power in the world is outside of the united states. those are good paying jobs. in fact they tend to pay much more in jobs than companies that are focus the domestically. that's where the real growth is that's where we have to reengage, and we're pleased that the president took a step after a year of being quiet on the international agenda and trade agenda. >> do you believe when the president said last night everybody's pro-business in that roo
in washington. >> one thing that i strongly agree with you is that the board should be accountable. compensation commits should be accountable and they are reacting to the public pressure, no question about it. which also means, by the way, the shareholders have to really be careful on who they appoint as members of the compensation committee. >> you are right. we also need to see much stronger votes in terms of the advisory vote on pay. but we need to fire bad directors and there are still way too many bad directors on the boards of banks. >> i think that point about the boards is a crucial one. >> ultimately dash and the share hold zblers they approve it. >> they don't seem to care. at'ss of independent investors? let's ask. when you're trading a stock, every penny counts. i hate when the trade is done and you find out you paid more than the quote price. i want it at the price i expect... or better. td ameritrade's unique trading platform uses multiple market centers to help you find the best possible price. i like those odds. i know they can't flat out promise a better price, but they're alwa
from the fed. >> so what reform needs to come out of washington to prevent another financial crisis like the one that we had in 2008? bill isaac, chairman of the lecg global financial services, former fdic chairman and cnbc contributor may have some answers. bill, first of all, what do you think of what chairman frank had to say, particularly as it regards the fed? >> i think that -- i'm concerned about limitations on the fed's lending authority. i'm not sure they really have put any meaningful restraint in there and i'm not sure they thank you. i think we need the fed to step in in times of crisis and do what needs to be done. i would be very concerned about anything that really restricted that. in terms of regulation, it's time to reform this regulatory system. it simply isn't functioning properly. i am much more aligned with chairman dodd's proposal in the senate to create a single bank and bank holding company regulatory agency putting the fed and the controller of the currency in the office of supervision into a new independent agency. i think the fed should be on the board of
, ohio. the mayor with us this morning with his frank thoughts about what's going on in washington and wall street. >> and financial dangers lurking in europe. we are live in portugal. the growing death threat and details. >> is that a live picture? >> how it'll affect you. wow, that's gorgeous. it would be about 33::00 in the afternoon. ♪ their safe arrival is highly anticipated, ♪ as is something else. a shipment of natural sea salt from cargill, essential for preserving the catch. we deliver the salt on precise schedules... and ship it efficiently all along the alaskan coast; saving the fishermen money, and their catch. this is how cargill works with customers. right now 1.2 million people are on sprint mobile broadband. 31 are streaming a sales conference from the road. 154 are tracking shipments on a train. 33 are iming on a ferry. and 1300 are secretly checking email on vacation. that's happening now. america's most dependable 3g network. bringing you the first and only wireless 4g network. right now get a free 3g/4g device for your laptop. sprint. the now network. deaf,
that it looks like there may be a little more balance of power in washington potentially, coming out of the mid-term elections, may mean that maybe that political calculus takes longer to play out but it's clearly going to be a risk. i'm in the camp that says we'll get more job growth than expected. that'll help to bring the unemployment rate down some. it'll be encouraging. it won't stave off these concerns. >> right. >> but it will be encouraging and as long as we get that together with low inflation for a sustained period of time, that'll be really, really good. really good outcome. >> stu, thank you very much for joining us for the last couple hours. professor, thank you for joining us, too. great having both of you here. we'll see you soon. that does it for us today. make sure you join us tomorrow. "squawk on the street" is next. >>> live from the financial capital of the world, this is the one and only "squawk on the street." good morning, everybody. i'm mark haines. >> and i'm erin burnett. front and center, jobs. weekly unemployment claims rose a little bit last week after two weeks of
Search Results 0 to 18 of about 19